We had a new short sale come on the market. The clever listing agent only allows showing for one weekend. He publishes the dates and time in the MLS, and clearly states that if you are interesed, you must view it then. All offers were due by 5:00PM Monday.
He was asking for Highest and Best offers.
Why is this a good idea.
The seller isn't bothered with having to show the property, it's only shown Sat and Sun.
The agent only has to hold one open house, well technically 2.
The open house creates a lot of traffic, getting those interested, enticed to make a more substaincial offer.
The listing agent also states in the MLS that the "seller" will make a decision by Thursday. Ok, so the seller making a decision doesn't really help that much, but if it helps a potential buyer make a decision, then it's a good move.
Some banks will only consider one offer at a time. Getting the Highest and best offers, then submitting THE absolute highest and best offer to the bank should greatly increase the odds of getting a short sale approved.
He has made a believer out of me. I'll handle my next short sale listing this way.
Oh - how many offers did he get? 18!!!!
Now, please cross your fingers for me and my client, because we were on of those 18 making an offer.
Paul McDuell - looking for comments.